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January 2019 Quarterly Tax Update

 

 Happy New Year!

2019 is shaping up to be a year of change.

The looming federal election promises a number of significant changes. Long awaited changes to Division 7A will also have a major impact on many SME's.

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FBT on work Christmas parties and gifts

With the silly season now underway, our friends at the ATO have issued a reminder about the potential FBT implications of providing Christmas parties and gifts.

Nothing is easy when it comes to FBT and entertainment, the best approach is to break down each item of expense to apply the rules. Don't wait until next March when the warm glow of your generosity has faded, and no-one can remember the details.

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October 2018 Quarter Tax Update

  

This newsletter highlights changes that may impact on your business and on you personally.  Please contact us to discuss any of the measures.

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Home Office Expenses

 

With recent improvements in technology, it's easy now to work from home a few days a week or take your work home with you after you've left the office.

Types of claims

The tax office groups home office deductions into four categories.

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Company Tax Rate - The Confusion Continues

 

The law amending the eligibility rules for the lower 27.5% corporate tax rate has been passed by parliament.

 

The company tax cuts Bill containing amendments to extend the 27.5% corporate tax rate to all corporate tax entities by 2023/24, and to further reduce the rate to 25% by 2026/27 will not proceed.

For the time being we now have a two-tiered rate system for companies (27.5% and 30%) which unfortunately increases complexity.

 

27.5% corporate tax rate (known as "base rate entities")

Corporate entities that:

 

a)    have an aggregated turnover of less than $25 million for the 2017-18 year ($50 million from the 2018-19 year); and

b)    no more than 80% assessable income that is "passive income"

 

will be eligible for the lower tax rate of 27.5%. All others will remain at 30%.

 

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Philip KeirRichard FoxNeil MacleanLucy AdamsRenae BeilbyBen HaymanCallum KennedyCourtney SandersonPhilip KeirRichard FoxNeil MacleanLucy AdamsRenae BeilbyBen HaymanCallum KennedyCourtney SandersonPhilip KeirRichard FoxNeil MacleanLucy AdamsRenae BeilbyBen HaymanCallum KennedyCourtney SandersonPhilip KeirRichard FoxNeil MacleanLucy AdamsRenae BeilbyBen HaymanCallum KennedyCourtney SandersonPhilip KeirRichard FoxNeil MacleanLucy AdamsRenae BeilbyBen HaymanCallum KennedyCourtney Sanderson
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